The one defective element in the National bank system is that it requires the permanence of National debt as the basis of its existence.
James Blaine: “The one defective element in the National bank system is that it requires the permanence of National debt as the basis…”
Editor's note · Context
Blaine critiques the reliance on a perpetual national debt within the National Bank system.
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The States are colleagues of one another, and if some of them shall conquer the rest, and hold them as subjugated provinces, it would totally destroy the whole theory upon which they are now connected.
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